Your reputation as a business owner hinges on how well you develop your business relationships with your partners, vendors, and the public at large. Although your property management company can take care of aspects of your reputation, a lot of it depends on you.
What is your public image and how does it affect your business?
Consider these eye-opening stats from Forbes Magazine.
● 90% of consumers read online reviews before visiting a business.
● 50% of US adults who Google themselves do not like what they see.
● 22% of businesses can lose customers over one negative review.
● A company with a bad reputation can lose up to 70% of business and revenue.
● 80% of potential customers trust word of mouth as a reliable source of information.
If perception is the truth, then your business is directly affected by these stats.
First Impressions Matter: Take Care of Your Property
If you don’t keep up your property, everybody in town will know about it. You will develop a reputation as a property owner that doesn’t care. Property management should be a top priority and a big budget item.
If you can’t take care of the maintenance yourself, you can hire a reputable management company to do it for you. It may be the best investment you ever make.
Communicate Often and Be Positive
Although it is important to keep your distance as a landlord, it may surprise you that most tenants want to hear from you.
Landlords are like law enforcement. Even when tenants have done nothing wrong, they still feel nervous around you. Thanking tenants for taking care of the property, asking them if they need anything, or welcoming feedback can go a long way in establishing a healthy business relationship. When you do come around, your tenants will feel more at ease, and you will be welcomed on your own property.
Take Care of Your Tenant’s Needs Immediately
Your tenants will not hesitate to tell you if something is wrong with the property. Maintenance needs do pop up occasionally. When they do, you should respond right away.
You may want to follow-up from time to time, however, to let your tenants know that you care about them. Addressing their needs and following-up to see if they are 100% satisfied will foster loyalty and boost your reputation in the community.
Develop Healthy Business Partnerships
Although everyone around you will value your business, that doesn’t mean that they will speak highly of you. Property management companies, insurance companies, contractors, vendors, and everyone else you come into contact with will judge you based on your professional demeanor.
Try to be a problem-solver, a good listener, and be fair in your business practices. Your partners will continue working with you, and they speak highly of you to everyone they come into contact with.
Your reputation depends on it.
Property Management Services in Minneapolis, Minnesota
Gassen specializes in property management services for property owners in the Minneapolis, Minnesota area. If you own a home, apartment, or condo you are renting out, we can help you maintain it.
To schedule a consultation, call us at 952-922-5575, or you can message us on our contact page.